The global benzoe siam market has been witnessing strong growth over the past few years on account of its increasing demand as fragrance ingredient in major perfumes. It is widely used in expensive and delicate perfumes owing to its unique fragrance. Rising demand for expensive and delicate perfumes from consumers as a result of increasing disposable income is the key factor to drive the market over the forecast period. Increasing application scope of benzoe siam in pharmaceuticals as inhalation ingredient for the treatment for catarrh disease owing to its antibiotic properties, is further expected to augment the market growth over the projected period. It is also used in manufacturing traditional Chinese medicines which are anticipated to have positive impact on market growth over the next seven years. Synthetic base fragrance can be obtained from other sources which can substitute the usage of benzoe siam due to its cheaper cost, which is anticipated to hamper the market growth over the foreseeable period. However, completeness of benzoe siam fragrance cannot be obtained with synthetic base fragrances.
Major applications of benzoe siam include fragrance, flavoring, incense, absorbent, mouth washes, and other external skin treatments. Benzoe siam as fragrance & incense is the major application for the market owing to unique fragrance associated with it. Fragrances applications also includes personal care products such as soaps, shampoo, body lotions, air freshener, creams, talcum powder, fabric softeners, detergent cakes, and other cleaning agents. The product is used as absorbent in the treatment of breathing disorders such as mucositis, bronchitis, and throat inflammations. It is also used in external skin treatment such as skin rash, ulcers and injuries owing to its special antibiotic properties.
Major end-use industries of benzoe siam market include perfumery, pharmaceutical, medical, and other niche industries such as food & beverages as flavoring agent. Fragrance industry was the major end-use industry for benzoe siam market owing to its wide range of applications in many products on account of its unique fragrance. Pharmaceutical and medical industries are the other major end-use industries of benzoe siam owing to its increasing application scope in treatment of breathing problems and other external skin treatments. Niche applications of benzoe siam as flavoring agent in food & beverage industry has been contributing considerable market share over the past few years.
Asia Pacific was the largest regional market for benzoe siam over the past few years owing to increasing demand from end-use industries such as fragrances including personal care products, pharmaceutical and medicals. China and Saudi Arabia are the largest markets owing to large number of fragrance manufacturing industries in this region. Other major markets are in the Middle East and North Africa.
Major players in this market include Crescent Fragrances Private Limited, Caesar & Loretz GmbH, and A2 Trading GmbH.
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Weaker consumer demand for lifestyle and wellbeing products due to social restrictions and lockdown policies shall have a negative impact on the demand patterns of cosmetic ingredients and certain categories of food additives. However, easing restrictions and public discourse about restarting economic activities in the consumer goods marketspace indicates that, the recovery of demand is imminent. The report will account for Covid19 as a key market contributor.